Despite soaring gas prices, consumer confidence in New York increased slightly in May for the first time in seven months, while the nation’s confidence decreased, according to the latest poll by the Siena College Research Institute.
Buying plans were down for cars, trucks, computers and major home improvements, while buying plans were up for furniture.
Buying plans for homes remained the same, according to the poll.
“Despite rising gas and food prices, consumer confidence in New York rose almost a point this month while the nation fell nearly three points,” said Douglas Lonnstrom, professor of statistics and finance at Siena College and SRI founding director.
“After seven straight months of decline, this small uptick points hopefully to New Yorkers having found the bottom and perhaps hinting at some gains in consumers’ willingness to spend,” he said.